QUESTION
When a parent gives money to purchase a house for his son and daughter in law, when house is sold, does parent have legal rights ?
Asked on Jan 30th, 2015 on Residential Real Estate - Colorado
More details to this question:
No contract or papers were signed regarding the parents contribution towards the down payment of the house. The house is being sold in a divorce. Parent said he wants to paid back his $25,000 down payment.Mediator indicates this is usually a gift.
1 ANSWER
3 Awards
Parents have legal rights if he or she is an owner or if there is a contract (even a verbal contract) wherein parent would be repaid. Otherwise this money was a gift and parents have no right to now expect to be repaid.
Good Luck!
Answered on Jan 31st, 2015 at 4:42 PM
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